Weekly newsletter on technology, startups, and venture capital.

Race Capital is excited to announce that we will be hosting an AI Pitch Night during SF Tech Week, in collaboration with A16Z, on June 1st. We invite all founders who are interested in pitching their startups in front of our distinguished panel of investors to apply through our application link here.

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Written by Chris McCann, General Partner @ Race Capital. More about me.

• At the start of last week First Republic went into receivership and was taken over by JP Morgan. While we hope the regional banking crisis is over, the same underlying issues affecting SVB & FRB are affecting most regional banks.
• Only 3 public cloud companies are trading at 10x NTV revenue: Snowflake, Veeva, and Cloudflare.
• One idea that could change cloud computing is distributed computing across the edge or “fog computing.” It’s a concept that has been talked about for years, but with higher compute on edge devices, it's something to pay attention to. 
• Vector databases are all the range, learn more about what they are and how they work.
• A report on startup compensation. TLDR - The median ESOP is between 13-20%, the first high on average gets ~1%, and average early advisors get 0.12% in grants. 
• A Google employee's striking internal memo revealed that all AI companies developing foundational models have no moat, and open-source models are catching up quickly in terms of speed and accuracy. This has significant implications for the future of AI development.
• A big congrats to Moonsense who announced their $4.2M seed round co-led by Race Capital. The founders Andrei Savu and Bogdan Gaza (former engineers at Twitter, Cloudera, and AWS) are building data infrastructure products using behavioral data to reduce fraud.

• By Company: Databricks, GoodNotes, Zeet, Polysign, Opaque, Lightning Labs, OtterTune, and more
• By Role: Engineering, Data Science, Product, Design, Operations, Finance, Legal, and more
• By Location: SF Bay Area, New York, London, and Remote
• Browse more open roles across our portfolio at Race Capital's Portfolio Job Board.

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